World's Steelmakers Go Prospecting

Soaring raw-materials costs are forcing the world's steelmakers to shift strategy. Now, rather than seeking merger partners in their own industry in hopes of gaining market clout, they are trying to protect their access to iron ore and coal by investing in mines.

Steelmakers often owned their own mines in the industry's early days because few other companies had the capital needed to operate them. But in today's climate their goal is to lessen their dependence on big mining companies, whose steep price increases are...